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World Bank
Over the last several years, the World Bank has played an important part in helping to ensure continuous economic growth throughout East Asia. As, the have worked with a number of different countries to improve their standards of living and in addressing a variety of lingering issues that have been impacting these areas. In the case of Hong Kong and Singapore, they have begun to experience above average growth during the 1980's and the 1990's. As, both countries began to see their GDP rise by 5% or more on yearly basis. (Wen, 2010) This is significant, because it allowed a number of businesses to begin developing their own markets to address the underlying demands of customers. To fully understand what is taking place in both situations requires: examining the two methods that have been utilized, the techniques that should be embraced by businesses and the rationale for these choices. Once this occurs, it will offer the greatest insights as to how this approach is helping to encourage long-term economic growth in these regions.
Two Methods that are used to Encourage Economic Growth in Hong Kong and...
The use of free trade principals is when the World Bank pushed both areas to dramatically reduce their trade barriers and begin joining various trading blocs such as: the Association of Southeast Asian Nations (ASEAN). This gave them access to other partners in the region. At the same time, it encouraged many businesses to build facilities inside both areas.
While, encouraging tax friendly policies, is when the World Bank pushed both governments to reduce their underlying taxes on: capital gains, dividends, property and income. This helped to make locating the region more economically viable by: allowing companies to see how having major operations would help to increase their overall bottom line results. At the same time, many foreign direct investors realized that there were significant advantages that can be gained by: focusing more of their assets in these countries. Over…
Bibliography
Corniuk, C. (2011). Economic Growth Strategies for Hong Kong and Singapore. Cameron Coriuk. Retreived from: http://cameroncorniuk.hubpages.com/hub/Economic-Growth-Strategies-for-Hong-Kong-Singapore
Crook, C. (2002). Third World Economic Development. Econlib. Retrieved from: http://www.econlib.org/library/Enc1/ThirdWorldEconomicDevelopment.html
Wen, C. (2010). A Study on Technological Progress. HKU. Retrieved from: http://www0.hku.hk/hkcsp/ccex/ehkcss01/a_pdf2.htm
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